SECTION 1.  Section 1 of chapter 152 of the General Laws is hereby amended by striking out the fifth paragraph of paragraph (1) therein and inserting in place thereof the following:-

This chapter shall be elective for an officer or director of a corporation who owns at least 25 per cent of the issued and outstanding stock of the corporation. Notwithstanding section 46, these provisions shall apply only if the corporate officer or director executes a written waiver of his rights under this chapter which certifies under the pains and penalties of perjury that such person is a qualifying officer or director.  Such waiver shall be effective upon receipt by the corporation’s insurance carrier and the commissioner of industrial accidents, and shall remain effective until the officer or director provides the commissioner and the insurance carrier with a written withdrawal of the waiver. Violations of this paragraph shall subject the corporation to the penalties set forth in section 25C.